Preston Springs buyer to be announced

Preston Springs buyer to be announced

A new buyer has purchased the old Preston Springs building with an announcement expected later today.

The building was listed for $1.295 million after its former owner, Guelph Financial Corporation, fell into receivership. The building – once an iconic hotel and later a seniors’ residence – has sat vacant at the intersection of King and Fountain streets for nearly two decades.

Karl Innanen, a real estate broker with Colliers International, said the property garnered four offers in the past week.

“Price is always a very important piece of the puzzle, but in a situation like this where it’s a receivership sale, certainty of a deal is a very important decision point as well, meaning fewer conditions, shorter conditions, more specific conditions,” he said.

Innanen said a new use for the building hasn’t been determined.

“Frankly I’ve had some discussions with (the buyer) and he isn’t 100 per cent committed to exactly what he’s going to do with this property,” Innanen said. “He just sees it as a great property, great location, very iconic, and he’s the kind of guy that works with old buildings like this, so he understands it and knows it.”